Do not over look goverment jobs
When I graduate from college in 2001 the technology bubble had popped and I quickly found myself competing against applicants with 10, 15, or 20 years of experience. In most cases, these more experienced applicants were being rewarded with the jobs. Realizing that I may be with out a job in the industry that I had just spent years studying, I quickly turned to the federal government job pools. Many government agencies, in my case the DoD, are willing to hire and train applicants with little or no experience. This may be an avenue for you to start your career. Working for the government (federal) has many benefits and with the new pay grades the pay is really good. Just make sure that you are in the IT pay scale not the general pay scale. A good place to start is: www.usajobs.opm.gov.
Further more, do not feel discourage about the time spent to get your degree. I firmly believe that your degree will pay off. It is true that experience is important to show a track record. However, it has been my experience that the theory you have been taught will allow you to have a fundamental understanding of many facets of this industry. In a few years, you will be an applicant with 3 to 5 years of experience and a degree!
If you have additional questions, please feel free to contact me or reply to this post. Good luck with your search.